Exagen (NASDAQ:XGN) Issues Quarterly Earnings Results

Exagen (NASDAQ:XGN) posted its quarterly earnings results on Tuesday. The company reported ($0.13) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.19) by $0.06, Zacks reports. The firm had revenue of $19.94 million for the quarter, compared to analyst estimates of $17.80 million. Exagen had a negative net margin of 29.49% and a negative return on equity of 94.37%.

Here are the key takeaways from Exagen’s conference call:

• Record Q2 performance: Revenue rose 16% year over year to $19.9 million, while AVISE CTD volume reached nearly 39,000 tests and adjusted EBITDA loss narrowed to approximately $0.1 million.
• Exagen raised 2026 revenue guidance to $72 million-$75 million from $70 million-$73 million, citing strong first-half execution and continued high-single-digit volume growth.
• Revenue cycle initiatives drove the trailing 12-month ASP to $446, up 4% year over year and marking the 13th consecutive quarter of growth; management continues targeting approximately $600-$650 per test over time.
• Pharma Services revenue exceeded $1 million for the first time in a quarter, up more than 200% year over year, while contract backlog grew to over $6 million.
• The myositis test remains on track for a commercial launch in early 2027 using established CPT codes and the existing 45-territory sales force, although management cautioned that second-half seasonality may prevent near-term adjusted EBITDA profitability from being sustained.

Exagen Stock Up 37.8%

XGN stock opened at $6.45 on Wednesday. Exagen has a fifty-two week low of $2.59 and a fifty-two week high of $12.23. The company has a debt-to-equity ratio of 1.67, a current ratio of 3.47 and a quick ratio of 3.47. The stock has a market capitalization of $155.83 million, a price-to-earnings ratio of -7.25 and a beta of 2.05. The business’s fifty day moving average price is $4.61 and its two-hundred day moving average price is $3.84.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on XGN shares. BTIG Research upped their target price on shares of Exagen from $8.00 to $9.00 and gave the company a “buy” rating in a report on Wednesday. Canaccord Genuity Group lowered their price target on Exagen from $10.00 to $8.00 and set a “buy” rating on the stock in a research report on Monday, April 20th. Roth Capital initiated coverage on Exagen in a research note on Wednesday, June 24th. They issued a “buy” rating and a $8.00 price objective on the stock. Wall Street Zen upgraded Exagen from a “sell” rating to a “hold” rating in a research note on Saturday, May 9th. Finally, Weiss Ratings cut Exagen from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Tuesday, May 12th. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $9.12.

Institutional Trading of Exagen

A number of institutional investors have recently bought and sold shares of XGN. Hudson Bay Capital Management LP acquired a new stake in Exagen during the fourth quarter worth approximately $147,000. Barclays PLC grew its stake in Exagen by 209.1% during the fourth quarter. Barclays PLC now owns 23,601 shares of the company’s stock worth $143,000 after buying an additional 15,965 shares in the last quarter. Occudo Quantitative Strategies LP bought a new position in Exagen in the 2nd quarter valued at about $138,000. XTX Topco Ltd acquired a new position in shares of Exagen in the 2nd quarter valued at approximately $133,000. Finally, Dynamic Technology Lab Private Ltd bought a new stake in shares of Exagen during the 4th quarter worth approximately $129,000. Institutional investors own 75.25% of the company’s stock.

More Exagen News

Here are the key news stories impacting Exagen this week:

• Positive Sentiment: Exagen reported record second-quarter revenue of $19.9 million, up 16% year over year and above the $17.8 million analyst consensus. The company also reported an adjusted loss of $0.13 per share, narrower than the expected $0.19 loss. Exagen Inc. Reports Second Quarter 2026 Financial Results
• Positive Sentiment: AVISE CTD test volume increased 11%, while trailing-twelve-month average selling price rose 4% to $446 per test, indicating both demand growth and improved revenue per test. Exagen reports record Q2 revenue of $19.9 million
• Positive Sentiment: The company raised full-year 2026 revenue guidance to $72 million-$75 million, up from $70 million-$73 million and slightly above the $71.6 million consensus estimate. Exagen reports record second-quarter 2026 revenue and raises full-year guidance
• Positive Sentiment: Profitability metrics improved substantially: adjusted EBITDA loss narrowed to $0.1 million from $1.7 million a year earlier, while net loss fell nearly 30% to $3.2 million. Management said the company is approaching sustainable profitability and cash generation. Exagen Inc. Q2 2026 Earnings Call Highlights
• Neutral Sentiment: A published review involving more than 3,100 patients supported AVISE CTD’s diagnostic value, including identifying some lupus patients missed by conventional markers. This may strengthen long-term adoption, although the financial impact remains uncertain.
• Negative Sentiment: Exagen remains unprofitable, with a quarterly GAAP net loss of $3.2 million. Cash declined to approximately $24.6 million from $32.2 million at the end of 2025, while borrowings totaled roughly $22.8 million, leaving liquidity and financing needs as ongoing risks.

About Exagen

Exagen Inc is a molecular diagnostics company focused on improving the detection and management of autoimmune diseases. Headquartered in the United States, the company develops, manufactures and markets laboratory tests designed to help clinicians address diagnostic challenges associated with complex connective tissue disorders.

The company’s flagship product portfolio, marketed under the Avise® brand, includes multi-analyte assays such as the Avise® Connective Tissue Disease (CTD) panel, Avise® Lupus panel and Avise® Sjögren’s panel.